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More "Blowback" - No "Comeback"

On Wednesday State Treasurer Andrew Sidamon-Eristoff will present a Budget Revenue update to the Assembly Budget Committee. As we receive further economic news for May, it just gets worse. Governor Christie's "Jersey Comeback" looks increasingly like "Christie's Blowback."

The Star Ledger Editorial Board, NJ Public Policy President Gordon MacInnes and others agree this is not the time to saddle the State with the cost of an income tax reduction or property tax relief program. Neither of these competing plans are "free." Their costs are added into a budget based on a tax revenue forecast which is collapsing amid problems in unemployment, foreclosures, higher cost of borrowing, and slow economic growth. Both Governor Christie and Senate President Sweeney this week appeared resolute in pursuing such a program. Their reasons seem to be for personal political gain as current forecasts do not justify their approach. Instead, we should spend what funds we can realistically anticipate on the basics, such as health, education, social safety net, and pensions.